Number 1144
11 February 2011
Client Alert
Latham & Watkins
Finance Department
Nigerian Power Sector Reforms:
Opportunities and Challenges
for Investment
Introduction*
“The recent
revitalization
of the reform
process for the
Nigerian power
sector — and the
concerted push by
the government
to privatize much
of the existing
grid — opens the
door to significant
private sector
investment in the
Nigerian power
sector, presenting
opportunities
and challenges
to potential
investors.”
The Nigerian electrical power
sector is in a highly charged state.
Currently, Nigeria has an installed
electricity generation capacity for
supply to the national grid of 8,644
MW, with available capacity of only
approximately 3,200 MW1, to cater
for the needs of Nigeria’s population
of approximately 150 million2. By
way of comparison, South Africa has
an installed electricity generation
capacity for supply to the national grid
of over 52,000 MW with a population
of only about one third the size of
Nigeria’s3. On the other hand, demand
for electricity in Nigeria presently is
estimated to be between 10,000 MW
to 12,000 MW4 and is projected to
increase by 26,561 MW by 2020 if the
Nigerian government is to meet its
current economic development goals5.
The historic gap between the demand
for power in Nigeria and the electricity
available from the grid has led to
widespread self-generation of power
both in the industrial and residential
sectors. Most businesses must
generate their own power in order
to ensure an adequate and reliable
supply6. The World Bank estimates
that approximately 85 percent of
businesses in Nigeria own electricity
generators and that privately-owned
self-generation power accounts
for roughly 40 percent of the total
capacity of Nigeria7. The historically
poor performance of the power sector
in Nigeria has been a significant
barrier to private investment in the
country8.
In 2005, the Government of Nigeria
enacted legislation intended to
restructure fundamentally the
Nigerian electrical power sector.
The Electric Power Sector Reform
Act, 2005 (the 2005 Reform Act) was
designed to move the electricity
sector in Nigeria from a government
controlled, heavily subsidized system
to a privatized, largely market-based
endeavour9. Implementing the 2005
Reform Act has been challenging for
the Nigerian government and largely
seems to have stalled in recent years.
However, the process of implementing
the 2005 Reform Act was revitalized
when President Goodluck Jonathan
established the Presidential Task Force
on Power and published a roadmap
for power sector reform in August
2010, potentially opening the door to
significant private investment in the
Nigerian power sector.
This Alert provides a brief summary
of the existing power sector in Nigeria
and key aspects of the reforms
currently being implemented. This
*Latham & Watkins would like to thank the Nigerian law firm Templars for its input on the topics discussed in
this Alert and for its review of the Nigerian law aspects of this Alert.
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New York, NY 10022-4834, Phone: +1.212.906.1200. © Copyright 2011 Latham & Watkins. All Rights Reserved.
Latham & Watkins | Client Alert
Alert concludes with considerations
of the opportunities and challenges
for developers, investors and lenders
in becoming involved in the reformed
Nigerian power sector, either through
participating in the privatization of
existing Nigerian power assets or as
part of a greenfield independent power
project (IPP).
Snapshot of Nigeria’s Power
Sector
Nigeria’s estimated available capacity
from the grid of approximately 3,200
MW meets only approximately one
third of the estimated current demand
for power from the grid10. As demand
for electricity in Nigeria is expected to
more than double in the next 10 years11,
an even greater supply gap would be
created in the future without some form
of market intervention and fundamental
reform of the power sector.
Current electricity generation is from
either gas-fired or hydro power plants.
Most assets are owned by state-owned
companies, though some private
investors have been able to establish
IPPs following recent legislative reforms.
The charts below set forth the current
power generation assets in Nigeria.
Existing Government Owned Power Stations — Gas-Fired:
Name of
Generation
Company
Year of
Const.
Location
Installed
Capacity
(MW)
Available
Capacity
(MW)
1
EGBIN POWER
PLC
1986
Egbin, Lagos State
1320
1100
2
GEREGU POWER
PLC
2007
Geregu, Kogi State
414
276
3
OMOTOSHO
POWER PLC
2007
Omotosho, Ondo State
304
76
4
OLORUNSOGO
POWER PLC
2008
Olorunsogo, Ogun State
304
76
5
DELTA POWER
PLC
1966
Ughelli, Delta State
900
300
6
SAPELE POWER
PLC
1978
Sapele, Delta State
1020
90
7
AFAM(IV-V)
POWER PLC
1963/01
Afam, Rivers State
726
60
8
CALABAR
THERMAL POWER
STATION
1934
Calabar, Cross River State
6.6
Nil
9
OJI RIVER POWER
STATION
1956
Oji River, Achi, Enugu State
10
Nil
5,004.6
1,978
TOTALS
*Source: Nigerian Bureau of Public Enterprises
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Number 1144 | 11 February 2011
Latham & Watkins | Client Alert
Existing Government Owned Power Stations — Gas-Fired:
Name of
Generation
Company
Year of
Const.
Location
Installed
Capacity
(MW)
Available
Capacity
(MW)
1
KAINJI/JEBBA
HYDROELECTRIC
PLC – Kainji Power
Station
1968
Kainji, Niger State
760
480
2
KAINJI/JEBBA
HYDROELECTRIC
PLC – Jebba Power
Station
1985
Jebba, Niger State
540
450
3
SHIRORO
HYDROELECTRIC
PLC
1989
Shiroro, Niger state, Nigeria
600
450
1,900
1,380
TOTALS
*Source: Nigerian Bureau of Public Enterprises
Independent Power Projects:
Name of Generation
Company
Location
Installed
Capacity
(MW)
Available
Capacity
(MW)
1
AES POWER STATION
Egbin, Lagos State
224
224
2
SHELL AFAM VI POWER
STATION
Afam, Rivers State
650
650
3
AGIP OKPAI POWER
Okpai, Delta State
480
480
4
ASG IBOM POWER
STATION
Akwa Ibom State
155
76
5
RSG TRANS AMADI POWER
STATION
Port Harcourt, Rivers State
100
24
6
RSG OMOKU POWER
STATION
Omoku, Rivers State
1150
30
1,759
1,484
TOTALS
*Source: Nigerian Bureau of Public Enterprises
In addition, the government is
developing approximately 4,800 MW
of installed capacity intended to be
completed by 2013, known as the
National Integrated Power Plants
(NIPPs). The Presidential Task Force on
Power has announced its intention to
privatize the NIPPs in future rounds of
privatization, following completion of
construction12.
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Number 1144 | 11 February 2011
The table on the next page illustrates
the contrast between the ratio of
installed to available capacity in
the government-owned versus IPP
generation facilities. The Presidential
Task Force on Power has pointed to this
“capacity gap” as a key driver behind
the government’s privatization plans13.
Latham & Watkins | Client Alert
Installed vs. Available Capacity
*Source: Nigerian Bureau of Public Enterprises
To address the supply and capacity gaps
in the demand for power from the grid
in Nigeria, the Presidential Task Force
on Power has set a goal of increasing
available capacity by 3,000 MW per
year through 2020 and thereafter by
1,500 MW per year through 203314. The
Presidential Task Force on Power has
announced that it expects that such
growth in generation capacity will be
driven largely by the private sector15.
The government anticipates that
such new power generation facilities
primarily will use gas, hydro and coal
as fuel sources, through a combination
of issuing concessions for hydro plants,
privatizing government owned assets
and creating a framework to incentivize
the development of gas- and coal-fired
greenfield IPPs16.
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Number 1144 | 11 February 2011
Reform Process Revitalized
The Nigerian power sector reform
process has been given fresh impetus
by the new government of President
Goodluck Jonathan. Just three
months into office, President Jonathan
announced an ambitious plan for the
implementation of reform in broad
accordance with the 2005 Reform Act.
The government’s priority is to attract
private investment to all facets of the
power sector.
Latham & Watkins | Client Alert
Key features of the reforms being
implemented include the following17:
Privatization of Existing Grid Assets
The Nigerian power system formerly
was controlled by a single government
entity. Pursuant to the 2005 Reform Act,
the Nigerian power system now has
been unbundled into one transmission
company, six generation companies
(GenCos) and 11 distribution companies
(DisCos). The six GenCos and 11
DisCos now are in the process of being
privatised pursuant to the government’s
revitalized reform process:
• Gas-fired GenCos: The gas-fired
GenCos will be privatized through
the sale by the Nigerian government
of at least a 51 percent equity stake
to investors pursuant to a transparent
bidding process. Expressions of
interest are due February 18, 2011.
Final technical and financial bids are
due April 20, 2011.
• Hydro GenCos: The Nigerian
government will grant long-term
concessions for the operation of the
hydro GenCos. The operators of the
hydro GenCos will receive three key
payments: the throughput charge,
annual charge and upfront charge.
The government will fix two of the
charges up front and bids will be
evaluated on the basis of the third
(after technical bids have been
assessed). Expressions of interest are
due February 18, 2011. Final technical
and financial bids are due April 20,
2011.
• DisCos: The DisCos will be privatized
through the sale by the Nigerian
government of a 51 percent equity
stake to investors pursuant to a
transparent bidding process. Bids will
be evaluated as much on the ability
of the bidding consortium to reduce
technical and commercial losses as on
cost/pricing. Expressions of interest
are due February 18, 2011. Final
technical and financial bids are due
April 20, 2011.
The Nigerian government anticipates
that it will sell its residual equity in
each of the gas-fired GenCos and
DisCos after a transitional phase so that
ultimately the gas-fired GenCos and
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Number 1144 | 11 February 2011
DisCos solely are held by private sector
investors.
The government will retain control
of Nigeria’s sole power transmission
company. However, the government
anticipates entering into operation and
maintenance arrangements with private
sector companies.
The Nigerian government estimates
that operating entities will be required
to invest approximately US$6 billion
a year in the GenCos and DisCos in
order to bring electricity supply in line
with demand18. While this represents
a substantial financial commitment,
certain investment incentives will be
available to a successful bidder, such
as tax exemptions/holidays, World
Bank Group credit support for GenCos
(see below), the establishment of a
state controlled entity (NELMCO —
see below) to take over outstanding
liabilities, and a uniform tariff, all of
which may increase investor appetite for
Nigerian power assets.
The privatization process — and the
fundamental reforms on which it is
predicated — likely will have substantial
spill-over effects for IPPs.
Regulatory Clarity: Establishment of
the Nigerian Electricity Regulatory
Commission
The Nigerian Electricity Regulatory
Commission (NERC) was established as
an independent regulator pursuant to
the 2005 Reform Act to undertake both
the technical and economic regulation of
the Nigerian electricity sector19.
Two of NERC’s key regulatory functions
are:
• Licensing: NERC issues licences for
on- and off-grid generation of power,
as well as for distribution of electricity
to end users20.
• Tariff: NERC manages price
regulation through the Multi-Year
Tariff Order (MYTO). The MYTO
provides a 15 year tariff path for
the electricity industry with minor
reviews each year in light of certain
parameters (including inflation,
exchange rate and gas prices) and
major reviews every five years.
Latham & Watkins | Client Alert
NERC has been a key participant in
the current reform process. Among
other things, NERC is tasked to provide
regulatory clarity as it is intended
to operate as a one-stop shop for all
regulatory functions in the power sector.
Cost Reflective Tariff
A new uniform tariff — MYTO — has
been established by NERC and is
currently undergoing a major review.
MYTO is calculated on a cost-of-power
basis, with a capacity and an energy
component, and includes adjustments to
take into account the following factors,
among others:
• Cost of financing
• A reasonable return for
invested capital
• Inflation
• Exchange rate
• Deprecation
• Fuel costs
• Operating costs
Currently, MYTO is based on the
efficiency level assumptions of an open
cycle gas turbine plant.
The Presidential Task Force on Power
expects that the current average tariff
level21 must at least triple (to around
NGN22 / kilowatt hour (KWh)) if
investment in the Nigerian power
sector is to be an economically viable
proposition for private investors22 —
a step that each of NERC and the
Nigerian government has indicated that
it is willing and plans to take.
As noted above, MYTO also introduced
to the Nigerian market the concept of
periodic tariff reviews. The major tariff
reviews, which are to be conducted
every five years, are intended to take
into account input from all relevant
stakeholders, including investors.
Indeed, the government’s intention to
factor in operating information from the
current IPPs coupled with the building
blocks approach of the overall tariff
system should be viewed by investors
with optimism that the reformation of
the power sector in Nigeria will provide
an attractive investment forum.
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Number 1144 | 11 February 2011
Gas Supply: Establishment of the Gas
Aggregator
The lack of an adequate and consistent
supply of gas to fuel the power sector
often has been given as a reason for
power sector reforms having stalled
in the past in Nigeria23. The Nigerian
government has implemented a gas
master-plan strategic framework to
tackle the gas supply problem. As
a key part of such framework, the
Gas Aggregation Company Nigeria
Limited (the Gas Aggregator) has been
established to manage the government’s
domestic gas supply obligations. One
of the main aims in establishing the
Gas Aggregator was to coordinate a
streamlined process for wholesale gas
supply from gas producers to eligible
gas purchasers, including GenCos.
Among other things, the Gas Aggregator
has developed a form gas supply
agreement to be used with GenCos.24
The Gas Aggregator has indicated that
such form gas supply agreement was
developed to conform to international
industry standards and to be a part of a
financeable package of power project
contracts25.
Offtake: Establishment of the Bulk
Electricity Trader
The Nigeria Electricity Bulk Trading
Company Limited (the Bulk Electricity
Trader) has been established as a
government owned trader with bulk
purchase and resale licences. The Bulk
Electricity Trader will enter into what
are intended to be industry acceptable
and financeable power purchase
agreements (PPAs) with IPPs and other
GenCos (including the newly privatized
GenCos). The Bulk Electricity Trader
will on-sell electricity to the DisCos until
such time as the DisCos are able to enter
into direct purchase arrangements with
the GenCos on market terms26.
Latham & Watkins | Client Alert
Key Players in Nigeria’s Reformed Power Sector27
Key Players
Function
Presidential Task Force on Power
Drives implementation of reform by
uniting different stakeholder agencies;
monitors planning, execution and
implementation of projects
Bureau of Public Enterprises
Drives the privatization of existing
government-owned power companies
(GenCos and DisCos)
Nigerian Electricity Regulatory
Commission (NERC)
Sector regulator; issues licenses and
sets tariff
Gas Aggregation Company in Nigeria
Limited
Manages domestic gas supply
requirements
Nigeria Electricity Bulk Trading
Company Limited
Special trader with bulk purchase and
resale licences; manages PPAs with
IPPs and other GenCos
Nigeria Electricity Liability
Management Company (NELMCO)
Manages legacy liabilities and stranded
assets
Electricity Management Services
Limited
Carries out consulting services and
provides shared services such as
logistics and meter testing
National Power Training Institute of
Nigeria
Provides training to support the power
sector
Opportunities and Challenges
for Investment
The recent revitalization of the reform
process for the Nigerian power sector
— and the concerted push by the
government to privatize much of the
existing grid — opens the door to
significant private sector investment in
the Nigerian power sector, presenting
opportunities and challenges to potential
investors. These include the following:
License Duration
The 2005 Reform Act and NERC
regulations provide for a generation
license to have a duration of 10 years,
renewable for a further five years. While
this aligns with the total duration of the
uniform tariff envisaged by the MYTO,
a total license duration of 15 years may
present challenges to potential investors
and their lenders given that such a
15-year period likely is well short of the
useful life of the assets involved, either
in a privatisation or an IPP transaction.
In addition, 15 years likely would be
7
Number 1144 | 11 February 2011
shorter than the tenor of long-term debt
financing that an investor would target
in a finance plan for a green-field IPP.
NERC representatives recently stated
at the Nigeria Power Sector Investment
Forum in London that it would address
concerns surrounding the duration of
licenses by granting a further 10-year
license towards the end of the initial
10-year license (which such second
10-year license would then be followed
by the five-year renewal license) —
resulting in a 25-year total license
period. Though helpful, investors have
questioned the level of discretion given
to NERC at each renewal phase during
such 25-year period. In response to this,
NERC representatives indicated that
so long as the operator was compliant
with its license obligations, the second
10-year license and the five-year
renewal license would be granted
automatically. While certainly a step
in the right direction, investors will
want to be sure that such undertakings
are reflected properly in law and in
regulations.
Latham & Watkins | Client Alert
Cost Reflective Tariff — But Subject to
Periodic Review and Modification
The proposed uniform tariff for the
power sector — the MYTO — presents
many appealing characteristics for
potential investors: it is derived from a
building blocks approach that intends
a cost-reflective outcome, including a
capacity and an energy component;
financing costs and other key costs
(operating costs, depreciation) are
intended to be accommodated; and key
fluctuating costs (fuel costs, foreign
exchange, inflation) also are intended
to be reflected. However, investors will
want to analyze the level of uncertainty
inherent in any review, in particular in
the major reviews that are intended to
be held every five years. Investors will
note that the duration of the MYTO is
only 15 years — likely well short of the
useful life of the assets involved and
shorter than the tenor of longer-term
debt financing that is most attractive to
many investors in the sector.
Quality of Privatized Assets and
Government Equity Retention
Investors likely will have concerns
about the quality of the existing assets
to be privatized, particularly given
the government’s intention to retain a
significant amount of the equity in the
enterprises that own such assets. As the
assets will require significant investment
in order meet the government’s power
supply objectives, there may be
conflicting interests between the private
investors and the government acting as
equity stakeholders. If the government
as an equity stakeholder is unwilling to
contribute the substantial sums required
to upgrade any significantly deteriorated
assets, an investor would want to know
that it will have full control of the
asset, as well as protections in respect
of their equity position, at a minimum.
The Presidential Task Force on Power
has sought to reassure investors in this
regard by stating that successful bidders
from the outset would exercise control
over the privatized companies. The
degree of investor control and other
protections will be studied once the
form of documentation, including share
purchase agreements and shareholders’
agreements, are made available to
potential investors.
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Number 1144 | 11 February 2011
Credit Support
World Bank Group representatives have
indicated Partial Risk Guarantees and
possibly a MIGA termination guarantee
may be available for appropriate
projects in the Nigerian power sector
to backstop Nigerian government
obligations. This is valuable credit
support that can underpin Nigerian
country risk and may make the
difference in an investor reaching a final
investment decision.27
PPA Counterparty and Duration
The establishment of the Bulk Electricity
Trader provides a degree of certainty in
managing PPA counterparty risk, but the
Nigerian government’s plan regarding
the future transition to a wholesale
market (including with respect to
timing) remains uncertain. PPAs entered
into with the Bulk Electricity Trader
should provide adequate protection
to projects, investors and lenders for
any transition arrangements and the
duration should be sufficient to attract
long-term debt financing. Investors may
wish to consider a range of options that
have been put in place in other locations
around the world in PPAs with monopoly
offtakers to address this risk including
appropriate credit support and/or “put”
options.
The tariff reflected in the PPA also will
be a primary focus for investors. Other
key factors will include the proposed
duration of the PPA (does it match the
tenor of the investor’s financing; the
duration of the fuel supply); commercial
reasonableness of terms (i.e. pricing,
pass through costs); risk of non-dispatch;
and foreign currency risks.
Gas Supply Counterparty and Duration
Gas supply remains a real concern for
investors. Investors should review the
form gas supply agreements being
developed by the Gas Aggregator.
Key factors will include the proposed
duration of such agreement (does
it match the tenor of the investor’s
proposed financing; the duration of
the PPA); commercial reasonableness
of terms (i.e., pricing, pass through
costs); and risk of non-supply, both in
reasonably foreseeable circumstances
and in the event of force majeure.
Latham & Watkins | Client Alert
station and made available for distribution. For
example, a plant may have an installed capacity
of 1000MW, but due to faulty equipment or
shortage of labour, the plant may be able to
produce an available capacity of only 200MW.
Nigerian Domestic Bank Participation
Nigerian domestic banks traditionally
have been reluctant to participate in
long-tenor debt financed projects in
Nigeria (it has been rare to see debt
financing for longer than a five year
tenor in recent energy financings). A
challenge for power projects will be to
try to attract longer-term Naira debt,
which is a good match with the Nairabased revenues that Nigerian power
assets will generate.
In 2010, the Central Bank of Nigeria
announced the establishment of a
NGN300 billion (approximately US$1.97
billion) Power and Airline Intervention
Fund to foster investment in the power
and aviation sectors in Nigeria. The
funds will be channelled through the
Nigerian Bank of Industry for on-lending
at a concessionary “all-in” interest
rate of not more than 7.0 percent and
for a tenor of 10-15 years. The African
Finance Corporation will serve as
technical adviser to the fund.28
Conclusion
The Nigerian government appears to
be taking concerted action to reform
the Nigerian power sector to drive
expansion of capacity so as to enable the
growth of the overall Nigerian economy.
The establishment of the Presidential
Task Force on Power and the publication
of the roadmap for power sector reform
has revitalized the reform process that
was initiated with the enactment of
the 2005 Reform Act. The renewed
governmental commitment to privatize
the gas-fired GenCos and DisCos, its
commitment to enter into concession
agreements for hydro GenCos and the
regulatory and commercial framework
that has been put in place to make
Nigeria an attractive market in which to
explore IPPs, has the potential to open
the door to significant private sector
investment in the Nigerian power sector,
presenting opportunities and challenges
to potential investors.
Endnotes
1
“Installed capacity” is the production capacity
of a power plant based on its rated (technically
achievable or “nameplate”) capacity. “Available
capacity” is the amount of electricity actually
produced (practically determined) by a power
9
Number 1144 | 11 February 2011
2
Bureau of Public Enterprises — Presentation
titled “Power Generation (Status and Outlook)”
given at the Nigeria Power Sector Investment
Forum in London, 27 January 2011, available
at http://www.bpeng.org/Electric_Power/Pages/
default.aspx.
3
U.S. Energy Information Administration, http://
www.eia.doe.gov/emeu/cabs/South_Africa/
Electricity.html.
4
Bureau of Public Enterprises — Presentation
titled “Power Generation (Status and Outlook)”
given at the Nigeria Power Sector Investment
Forum in London, 27 January 2011, available
at http://www.bpeng.org/Electric_Power/Pages/
default.aspx.
5
Ibid.
6
Renaissance Capital, “Nigerian Infrastructure:
Naija go change!”, Sector Report, Africa
Research, 30 July 2008.
7
Ibid.
8
Panel discussion at the Nigeria Power Sector
Investment Forum in London, 27 January 2011.
9
Panel discussion at the Nigeria Power Sector
Investment Forum in London, 27 January 2011;
Templars, “Nigeria: Power Sector Reforms”,
February 2011 Newsletter.
10
Business Monitor International, “Nigeria Power
Report”, published 4 February 2011, available at
http://www.businessmonitor.com/power/nigeria.
html.
11
Ibid.
12
Bureau of Public Enterprises — Presentation
titled “Power Generation (Status and Outlook)”
given at the Nigeria Power Sector Investment
Forum in London, 27 January 2011, available
at http://www.bpeng.org/Electric_Power/Pages/
default.aspx.
13
Ibid.
14
Ibid.
15
Ibid.
16
Panel discussion at the Nigeria Power Sector
Investment Forum in London, 27 January 2011.
17
Bureau of Public Enterprises and CPCS
Consortium — Presentation titled “Privatisation
of PHCN Successor Generation and Distribution
Companies” given at the Nigeria Power Sector
Investment Forum in London, 27 January 2011,
available at http://www.bpeng.org/Electric_
Power/Pages/default.aspx.
18
Renaissance Capital, “Nigerian Infrastructure:
Naija go change!”, Sector Report, Africa
Research, 30 July 2008.
Latham & Watkins | Client Alert
19
20
21
22
Nigerian Electricity Regulatory Commission —
Presentation titled “Tariff Design and Regulation”
given at the Nigeria Power Sector Investment
Forum in London, 27 January 2011, available
at http://www.bpeng.org/Electric_Power/Pages/
default.aspx.
To date, NERC has issued more than 25
generation licences for an installed capacity of
over 10,500MW. The generation IPP licences
issued by NERC predominantly have been for
gas-fired projects, but licences also have been
issued for a hydro-station and for a coal-fired
power plant.
Before the introduction of MYTO as the new
tariff system, the tariff for the domestic electricity
market in Nigeria was one of the lowest in the
world. Even now, according to Business Monitor
International, the current average tariff level in
Nigeria is approximately NGN6.31 per kilowatt
hour (KWh) or 4.3 US cents. By way of contrast,
the current average tariff level in South Africa
is 10.15 US cents per KWh. ESKOM, “2008/9
Tariffs and Charges”, available at http://www.
eskom.co.za/content/Tariff%20book.pdf.
Nigerian Electricity Regulatory Commission —
Presentation titled “Tariff Design and Regulation”
given at the Nigeria Power Sector Investment
Forum in London, 27 January 2011.
23
Renaissance Capital, “Nigerian Infrastructure:
Naija go change!”, Sector Report, Africa
Research, 30 July 2008.
24
Such form gas supply agreement is intended to
be available on the Gas Aggregator’s website in
the coming weeks.
25
Dr. David Ige, Gas Aggregation Company Nigeria
Limited (GACN) — Presentation titled “Gas to
Power—Status and Outlook” given at the Nigeria
Power Sector Investment Forum in London, 27
January 2011.
26
Panel discussion at the Nigeria Power Sector
Investment Forum in London, 27 January 2011.
27
As an indication of timing, representatives of the
World Bank Group have recently indicated that
the World Bank Group intends taking no longer
than six months to finalize support in the ordinary
course (subject to the Nigerian government’s
support of the project and the reasonableness of
the project and financing documentation).
28
Central Bank of Nigeria, “N300 Billion Power
and Airline Intervention Fund (PAIF) — Revised
Guidelines (v3)”, available at http://www.
cenbank.org/Out/2011/publications/guidelines/
dfd/PAIF_%20Guidelines%20(revised%20
January2011).pdf.
10 Number 1144 | 11 February 2011
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